Healthcare is one of the biggest industries in the world. However, for start-ups, it presents a unique problem. In an industry with so many regulations to consider, it’s difficult to be disruptive. On top of that, there is a huge amount of competition with incredible access to resources. In short, you’re going up against the biggest companies in the world, so there’s a lot to consider before launching a healthcare start-up.
The first step before launching a healthcare start-up is market research. There is a huge market because almost everyone needs access to healthcare. However, you need to identify if there is a sizeable gap in the market or if you can create one. Spending time scoping out your industry will help you to determine if your great idea is going to work. You should also talk to prospective customers and get feedback on your product or idea. This will give you the chance to make appropriate changes before it goes to market.
There are serious regulations
One of the biggest challenges one come across while launching a healthcare start-up is the regulations. Healthcare regulations are serious and complicated. They are designed to keep people safe, so it’s important to consider them before taking a new product or service to market. You might need to get legal advice at this stage of the planning process. This will help you avoid any legal issues further down the line.
You can’t be too disruptive in this industry
Start-ups are designed to be disruptive. However, in the healthcare industry, this isn’t always possible. Sometimes a change in the healthcare industry has to come at a policy level, so it’s difficult for new start-ups to have an impact. You will have to ensure that your product or service is completely legal before you move forward. You also have to consider that you are going up against established (and very powerful) competition. That means you will find it difficult to secure a share of the market without facing fierce competition. It’s important to have the correct patents and legal teams in place.
Securing funding is one of the most important stages of launching a start-up. This comes after market research, business planning and product development. There are a few ways to secure funding for a healthcare start-up. Venture capital is the most common way for a start-up to secure funding. You will need to pitch to the investors and answer their questions. Then, they will analyse your pitch before agreeing. You can also raise funds through crowdfunding, personal loans and credit cards. However, you will probably need a large investment in order to have an effect on the healthcare industry.
Mobile tech is going to be massive
One of the biggest changes in healthcare is the use of mobile tech. With customers using healthcare apps more than ever, this is one of the best sectors for healthcare start-ups. If you can use mobile technology to solve an existing problem in healthcare, you can almost guarantee funding. For example, blood pressure monitors are already established, but incorporate this into a mobile app and you have a great product. This is where most healthcare start-ups are focusing their attention, so you should consider it carefully.
You might have a great idea, enough seed money and a great team behind you. However, if you don’t have a killer marketing strategy, your start-up will almost certainly fail. Marketing takes the idea and presents it to customers in the best way possible. Whether you hire an internal marketing team or use a marketing agency, it’s imperative that the strategy is excellent. From building a social media presence and email campaigns to large physical ad campaigns, marketing is one of the most important considerations for a start-up.
Hire future talent
As a start-up, you probably don’t have the hiring budget of a big company. That’s why you need to identify future talent. This will cut down on your hiring budget and you won’t have to pay them as much (at least until the business becomes successful). Hiring future talent means that you have to focus on soft skills and invest in upskilling your employees. You can’t expect new employees to be the complete package. Instead, look for smart, young people who will grow into future experts. Also, focus on creating a great workplace culture because it will help you retain talent.